1989 OMC Cobra Stern Drive water leak

"Please Help. I have a 1989 OM

"Please Help. I have a 1989 OMC Cobra Stern drive in a 1989 Donzi Regazza 25 ft. I am repowering and have the engine out. I noticed that I had a water leak somewhere, and was going to fix that while the engine is out. I put the plug in and ran water in the bilge until it got up to about half way on the exhaust pipe. I then went outside the boat and noticed water trickling out of the stern drive. I pulled the zinc that is located underneath the exhaust bellows near the stern, and water was trickling out of that area where the zinc bolts to the stern drive. Does anyone know why it is leaking there and what needs to be repaired to stop the leak. Please help,,,thanks, Victor
PS: I havent purchased my repower 5.7 gm engine yet,,,any suggestions on where to purchase an 87-95 5.7 gm crate engine."

"It's possible your Y &#40

"It's possible your Y (exhaust) pipe is leaking, only now it's allowing water in instead of before it was letting water out. Most of the exhaust bellows these days have the slits in the bottom, is the water coming out of these slits?"